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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Disclosure Text Block  
Earnings per Share

NOTE 7 EARNINGS PER SHARE

 

Basic earnings per share attributable to U.S. Cellular shareholders is computed by dividing Net income attributable to U.S. Cellular shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to U.S. Cellular shareholders is computed by dividing Net income attributable to U.S. Cellular shareholders by the weighted average number of common shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon exercise of outstanding stock options and the vesting of restricted stock units.

 

The amounts used in computing Earnings per Common and Series A Common Share and the effects of potentially dilutive securities on the weighted average number of Common and Series A Common Shares are as follows:

           
Year ended December 31, 2011 2010 2009
(Dollars and shares in thousands,       
 except earnings per share)         
Net income attributable to U.S. Cellular shareholders $175,041 $136,074 $209,547
           
Weighted average number of shares used        
 in basic earnings per share  84,877  86,128 86,946
Effect of dilutive securities:         
 Stock options  114  89  21
 Restricted stock units  344  301  201
Weighted average number of shares used         
 in diluted earnings per share  85,335  86,518  87,168
           
Basic earnings per share attributable to         
 U.S. Cellular shareholders $2.06 $1.58 $2.41
           
Diluted earnings per share attributable to         
 U.S. Cellular shareholders $2.05 $1.57 $2.40

Certain Common Shares issuable upon the exercise of stock options or vesting of restricted stock units were not included in average diluted shares outstanding for the calculation of Diluted earnings per share because their effects were antidilutive. The number of such Common Shares excluded is shown in the table below.

   2011 2010 2009
(Shares in thousands)     
Stock options 1,399 1,771 2,045
        
Restricted stock units 215 224 193